Your Mortgage Time To Switch
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Time to Switch Your Mortgage?
Summary:
Looking to save money on your mortgage? More than 50% of homeowners are overpaying each month because they’re stuck with their lender's standard variable rate. These rates can be up to 2% higher than the best available deals, so switching could lead to significant savings.
Article:
Are you eager to cut down on your mortgage expenses? Over half of homeowners are spending more than necessary by sticking with their lender’s standard variable rate. These rates are often 2% higher than what the market offers, meaning a simple switch could save you a considerable amount.
For instance, if you have a £100,000 loan and swap from a standard variable rate, you could save around £1,000 annually for every 1% decrease in the interest rate. With a typical 2% difference, that’s a £2,000 annual saving.
Contrary to what many believe, remortgaging is straightforward and hassle-free. Many lenders now offer remortgage packages with incentives like fee waivers and included legal costs, usually completing the process in about six weeks.
Remortgaging isn’t just about saving money; it can also help you unlock the equity in your property. Borrowing against your mortgage is often cheaper than a personal loan. If you’re a buy-to-let investor, this route can fund extensions, alterations, or repairs. As your property equity grows, remortgaging could help expand your property portfolio.
For smaller remortgaging needs, look for loans where the lender covers valuation, arrangement, and legal fees. If your borrowing exceeds £100,000, aim for the best rates, even if it means covering some expenses yourself. The savings will make it worthwhile.
Lenders are eager to offer diverse services due to fierce competition in the remortgaging market. Take flexible mortgages, for instance. They are especially beneficial for self-employed individuals, allowing them to adjust payments based on fluctuating income. Funds set aside for taxes can be used to temporarily lower mortgage interest.
Flexible mortgages may also come with banking features like a checkbook or credit card, enabling direct debits just like a regular bank account.
With around 4,000 different home loans from over 100 lenders available, getting expert advice is crucial. The best approach is to use an online broker, who can access the most current deals and find the right one for your needs with minimal hassle.
Explore your options today and start saving on your mortgage!
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